Richmond Hill city council is expected to vote Tuesday on creating its first tax allocation district, or TAD. The consultant responsible for helping guide the city through the process says the TAD will bring in about $230 million in new investment at the city’s I-95 interchanges at highways 17 and 144.
In 10 years.
That could lead to more jobs – about 2,088 – and millions more in annual tax revenues, according to Ken Bleakly Associates, which has been paid about $5,000 so far in fees.
The districts aren’t new to Georgia, or the U.S, where some 49 states allow the use of some form of tax increment financing to revitalize areas in need of new development. In Georgia, more than 80 counties and cities have used TADs to help redevelop communities. Should the city approve its first TAD, it will then begin negotiations with county and school officials.